Hamptons Estate Asking $65 Million After Price Cut

The Long Island, New York, home spans nearly 14,000 square feet in one of the town’s poshest areas

A beachfront Hamptons mansion had $5 million chopped from its asking price Thursday, bringing it down to $65 million.

The seller is hedge-fund manager Barry Rosenstein, according to The Wall Street Journal. He purchased the property in 2005 for $19.2 million, property records show, and first listed it for $70 million last November.

Sitting on 1.5 acres off of East Hampton’s tony Lily Pond Lane, the shingle-style home has been completely reconstructed since Mr. Rosenstein purchased the property, according to the listing with Douglas Elliman’s Tal Alexander.

Mr. Alexander did not immediately respond to request for comment.

CookFox Architects—who are also responsible for Manhattan’s 150 Charles Street and One Bryant Park—designed the seven-bedroom house, which spans 13,623 square feet. It has nine-and-a-half bathrooms, gardens with shade pavilions and a private beach path to the sea, a 62-foot-long lap pool, a two-car garage and a two-bedroom guest cottage.

Mr. Rosenstein, founder of Jana Partners, has invested in companies such as Whole Foods and Blue Apron. He reportedly purchased a $137 million home on nearby Further Lane in 2014, widely reported to be the most expensive home ever sold in the United States.

Inquiries to Mr. Rosenstein’s company did not immediately respond to a request for comment.